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China's fund frenzy continued unabated with a newly-approved mutual fund fully subscribed on its first trading day despite a 1.63 percent fall on the Shanghai and Shenzhen bourses.

Related readings:  Fund continues despite market bloodletting  Enthusiasm for funds may wane  China to restart launch of new mutual funds  Closed-end funds have lower net value rise on stiff rules

Lingxian fund managed by First State Cinda Fund Management Co Ltd has fulfilled its nine-billion yuan sales quota, the company has announced.

Last Tuesday the Jianxin fund, the first mutual fund launched after the Spring Festival, raised nearly 10 billion yuan.

Chinese authorities will launch five new funds this year and are keen to sustain investor confidence amid major stock market corrections.

The five new funds are expected to pump nearly 50 billion yuan into the market. A further 30 new funds are awaiting approval, China Securities News reported.

Fund management companies have respected the sales ceiling imposed by the CSRC, Jianxin fund sources were quoted by the newspaper as saying.

The Shanghai stock market fell nearly nine percent on Tuesday last week in the biggest fall in a decade. The market finished the week 5.5 percent down, but rose 1.97 percent Tuesday.

Fund manager Xie Jingping said that the market was still bullish despite the recent big fluctuations. He advised investors to make rational investment choices and weigh the risks carefully.

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